1834 $5 Capped Head, Crosslet 4 MS62 NGC. Breen-6500, BD-2,
R.5. Final year of the Capped Head Left design, and one of the
rarest issues among the Reduced Diameter coins (1829-1834). Among
the four different varieties known for this date, two have a
Crosslet 4 in the date and two have a Plain 4. It was Harry Bass'
conclusion that this variety was probably struck after the other
Crosslet 4 variant. This is based on the die lapping seen on the
lower shield stripes of the Bass 2(b)/B(a), while the 1(b)/B(b)
shows "more extensive roughness."
Breen estimated that only 14-18 pieces were still extant today of
the 1834 (all varieties). That estimate was undoubtedly based on
the number of pieces he had seen. After 20 years of third-party
grading, a more likely estimate of the number of survivors is
around 40-45 pieces. Among the two Crosslet 4 varieties, MS62 seems
to be a median grade with seven certified in lower grades (one is
an XF40) and five are finer.
Like the silver coins of the same era, gold coins were also worth
more melted than their face value. As a result, the original
mintages of Capped Head quarter eagles and half eagles are
essentially useless when it comes to assessing availability today.
Thousands were melted in the 1820s and 1830s. This situation was
not remedied until February of 1834 when the gold content was
lowered slightly, thus discouraging melting and encouraging the use
of Classic-design gold in the channels of commerce.
This is a bright orange-gold coin that has a slightly reflective
finish in the fields. The highpoints show a bit of striking
weakness on each side. Both obverse and reverse display the long,
arcing die cracks normally seen, through stars 9 to 13, and on the
reverse through ERICA to 5 D. The bright surfaces show only one
mentionable defect, a thin, almost imperceptible pinscratch above
star 6. A rare opportunity to acquire this important date.(Registry
values: P6) (PCGS# 8161)